Here is a gloomy picture of Turkey's economy: The Turkish lira has lost over half of its value against the US dollar in the past year, making imports more expensive and pushing up inflation.Inflation is currently running at over 40%, the highest level in two decades. This has eroded the purchasing power of ordinary Turks and made it difficult for them to make ends meet.The … [Read more...] about Erdogan’s Disastrous Rule Leads to Economic Crisis in Turkey
Briefing
Asia’s ultra-rich population fell by 3.1% in 2022
According to a report by the Hurun Global Rich List, Asia's ultra-rich population fell by 3.1% in 2022, the largest drop in the world. The total number of ultra-high net worth individuals (UHNWIs) in Asia declined to 15,625, from 16,110 in 2021. RegionNumber of UHNWIsTotal wealthAverage wealthAsia15,625$40.3 trillion$2.6 billionEurope12,750$35.2 trillion$2.7 billionUnited … [Read more...] about Asia’s ultra-rich population fell by 3.1% in 2022
Depreciation of the renminbi has raised concerns about the health of China’s economy
The People’s Bank of China (PBoC) intervened in the foreign exchange market on Friday to prop up the renminbi after it hit a 16-year low against the US dollar. The PBoC set the midpoint rate for the renminbi at 6.7942 per dollar, down from 6.7628 on Thursday. The central bank also reportedly bought yuan in the offshore market. The renminbi has been under pressure in … [Read more...] about Depreciation of the renminbi has raised concerns about the health of China’s economy
The G20 summit will be more about Modi’s own agenda than about the global issues
The G20 summit is an annual meeting of the leaders of the world's 20 largest economies. It is usually a chance for these leaders to discuss important global issues such as the economy, climate change, and security. However, the upcoming G20 summit in India is threatening to be overshadowed by India and its Prime Minister, Narendra Modi. Modi has made a big spectacle of the … [Read more...] about The G20 summit will be more about Modi’s own agenda than about the global issues
China is seeking to dedollarize
Some key actions and strategies associated with China's dedollarization efforts included: China's central bank, the People's Bank of China (PBoC), has been increasing its gold reserves for the past 10 months. In August, the PBoC added 29 tons of gold to its reserves, bringing the total to 2,165 tons. This is the largest gold purchase by the PBoC since 2016. Increasing … [Read more...] about China is seeking to dedollarize